FX.co ★ GBP/USD technical analysis for May 9, 2013

Weekly pivot point: 1.5548.

GBP/USD:

Resistance:1.5630 (sell below this level).

Support: 1.5500 (buy above this level for retesting this level for a short period).

Trading recommendations:

According to the previous events, the price is still between the levels of 1.5580 and 1.5610.

The descending movement will probably be lower than the 1.5630 level with the first targets at 1.55905 and 1.552.

Buy deals are recommended above the 1.5500 level with targets at 1.5570and 1.5625.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.